WOW V Personal Finance Money Management. Checking Account A financial account, usually with a bank, that allows the customer to pay for goods and services.

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Presentation transcript:

WOW V Personal Finance Money Management

Checking Account A financial account, usually with a bank, that allows the customer to pay for goods and services by using a debit card or writing a check.

Parts of a Check 1)Todays Date 2)Payee 3)Amount in Numbers 4)Amount in Words 5)Memo Note Line 6)Signature Line 7)Accountholder Info 8)Check Number 9)Bank ID Number 10)Bank Info

Writing a Check When writing a check, you should use this order: 1)Todays Date 2)Payee 3)Amount in Numbers 4)Amount in Words 5)Memo 6)Fill in Checkbook Register 7)Signature WHY??

Writing a Check 1)Todays Date a.Check must be dated on Current Date-Post Dating is illegal. 2)Payee a.NEVER Leave this line blank, ANYONE can cash a blank check. 3)Amount in Numbers 1)NEVER Leave this blank, the Payee can enter any number they want, and rip you off.

Writing a Check 4)Amount in Words a.Never leave this blank. b.Used to verify the Amount in Numbers c.Don’t Abbreviate anything. 5)Memo a.Not neccesary, but helpful. b.Sometimes it is required for payments like Utility Accounts or Medical Payments where the Payee needs YOUR account number.

Writing a Check 6)Fill in Checkbook Register a.Why now? i.So that you Don’t Forget ii.To ensure you have sufficient funds. iii.To verify your ending balance. 7)Signature – Why Last?? a.Must sign for check to be Valid b.Save for last to ensure you finish all steps.

Savings Account A financial account, usually with a bank, that provides principal security and a moderate interest rate; funds are slightly less accessible than funds in a checking account.

Endorsing a Check Signing the back of a check, releasing it to a bank for deposit or to be cashed. ** Can also be done to release a check to a second party, giving them ownership. Be Careful!!

Bank Statement A report from a bank which lists the monthly starting balance, ending balance, and all transactions processed, including interest, fees, and penalties.

Reconciliation The process used by the account holder to ensure that he/she and the bank agree upon all transactions within the particular account. - It should be done monthly.